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ACQUISITIONS (Tables) | 3 Months Ended
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Mar. 27, 2022
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The acquisition has been allocated to the assets acquired and liabilities assumed as of the date of acquisition as follows:
Accounts receivable |  | $ | 345,121 |
Prepaid expenses and other assets |  | 3,626 |
Property and equipment, net |  | 5,101 |
Intangible assets |  | 3,347,970 |
Goodwill |  | 2,089,823 |
Liabilities assumed | (73,708) |
Total net assets acquired |  | $ | 5,717,933 |
Cash |  | $ | 3,780,000 |
Working capital adjustment |  | 11,210 |
Fair value of contingent consideration |  | 1,926,723 |
Total fair value of consideration transferred for acquired business |  | $ | 5,717,933 |
The allocation of the intangible assets is as follows:
|  | Estimated Fair Value |  | Estimated Useful Lives
Covenants not to compete |  | $ | 37,800 |  |  | 5 years
Trade name |  | 1,420,000 |  |  | Indefinite
Client partner list |  | 1,890,170 |  |  | 10 years
Total |  | $ | 3,347,970 |  |  |
Business Acquisition, Pro Forma Information | The Company estimates the revenues and net income from continuing operations for the periods below that would have been reported if the Momentum acquisition had taken place on the first day of Fiscal 2021 would be as follows (dollars in thousands, except per share amounts):
|  |  |  | Thirteen Weeks Ended
|  |  |  | March 28, 2021
Revenues |  |  |  | $ | 49,986 |
Gross profit |  |  |  | $ | 16,380 |
Net loss |  |  |  | $ | (175) |
Loss per share: |  |  |  |
Basic |  |  |  | $ | (0.02) |
Diluted |  |  |  | $ | (0.02) |
Disposal Groups, Including Discontinued Operations | The financial results of InStaff are as follows (dollars in thousands):
| Thirteen Weeks Ended
| March 27, 2022 |  | March 28, 2021
Revenue | $ | 16,465,067 |  |  | $ | 17,961,498 |
Cost of services | 14,143,775 |  |  | 15,361,476 |
Gross profit | 2,321,292 |  |  | 2,600,022 |
Selling expenses | 1,062,044 |  |  | 1,420,920 |
Depreciation | 24,252 |  |  | 23,432 |
Income from operations of discontinued operations before taxes | 1,234,996 |  |  | 1,155,670 |
|  |  | December 26, 2021
Carrying amount of assets included as part of discontinued operations: |  |  |
Accounts receivable |  |  | $ | 7,198,104 |
Property and equipment, net |  |  | 201,012 |
Deposits |  |  | 35,784 |
Right-of-use assets - operating leases |  |  | 303,660 |
Intangible assets, net |  |  | 1,648,000 |
Goodwill |  |  | 5,024,820 |
Total assets classified as discontinued operations |  |  | $ | 14,411,380 |
Carrying amount of liabilities included as part of discontinued operations: |  |  |
Accrued payroll and expenses |  |  | $ | 1,129,448 |
Lease liability, current portion |  |  | 132,608 |
Lease liability, less current portion |  |  | 190,395 |
Total liabilities classified as discontinued operations |  |  | $ | 1,452,451 |

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